$ETH Evening Thoughts:
The second coin dropped quite sharply yesterday, and the exchange rate is even more dismal. Looking at the chart, the second coin on the 4-hour level seems to be forming a W bottom. The pullback at the 4-hour level has already occurred, and the candle body did not close below the previous low of 3560. Therefore, forming a W bottom pattern is reasonable, and once the W bottom is established, it may challenge the previous high since it has dipped sufficiently deep.
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Speaking with the chart: do whichever one comes first, if not, just watch the show. Be sure to set stop-losses; if you don’t understand, ask. The second coin needs to break above 3780 on the hourly level to change the current minor downtrend, with upper targets at 3837-3911. If there are no positive news in the near term, it is highly likely that it will enter a consolidation phase to repair the market. The daily closing price for the second coin cannot close below 3624; if it does, then it will drop to 3467-3248. If it goes that way, just imagine what the imitation coins will look like; it’s hard to imagine. Meeting adjourned.